 Yeah, thanks David so yeah, of course Okay, the live stream is up and I'm gonna put the link here and chat so you can keep an eye on the Q&A over on the Livestream page. There's a chat over there too Okay, I would I would take care of it this part. All right. Okay. Thanks. You're live All right awesome, and thanks everyone for joining today We have Matt Zand from DC web makers presenting on tokenization of assets in the financial industry It's certainly a growing topic these days and one that I think a lot of people are interested in learning more about and Matt has done a number of meetup presentations across a variety of cities So we're we're very happy to have him in the New York meetup today and with that I'll hand it over to you Matt and Again, everyone, please feel free to answer any or ask any questions in the chat Whether I'm here or on the youtube stream and we'll do our best to answer them as quickly as possible And thanks Chris for introductions and thanks David for setting up this event And then thanks Eger for also coordinating to have this event in the London And it's it's and it's great to be here and present about this topic as we mentioned is very important topic especially in the finance industry and The title of this talk about is about tokenization of asset in the finance industry and also I'm going to talk about a little more kind of operational or practical aspect of it, which is How you can implement know your customers and anti money laundering Aspect of it because it's something that I was missing in my last talk And I noticed that is something that I have to incorporate into my topic And I'm going to go over that and feel a slight so again So this I'm so this talks about organizations and I want to kick off this talk by giving you a very high level outline of the things that I'm going to talk in this short webinar so First things that little bit definition of tokenization. What's the difference between ICO initial coin offering versus security token offering And then what are the some of the legal definition involving security? And benefit of tokenizations and then example of tokenization finance industry What are the challenges especially with regard to implementation of tokenization? And if the financial institutions are ready to launch tokenization What are steps they need to watch or implement at a high level what is called financial institution and token economy? And then I'll talk about industry adoptions and some of the resources Like legal resources or things like that article that people who want to learn more about this They can read on their own and Just Before we jump into the next slide and talk about this I just want to mention that I'm not the attorney And I I'm just giving you information is just whatever I'm giving in this presentation is just information In a world of advisors, we have two or three attorneys that they are very specialized in the topic of asset tokenization security tokens So if you want to have a specific legal question, I would be happy to connect with those advisors on the other hand, I'm not You know, I'm not giving information to specifically regarding the Legal part of it. I'm just giving information so that you have an idea of what it is And if you want to go into that in detail, feel free to do your own research and consult with your attorney Well, um About me. I'm the founder of two major Start up one two of them related one of them relate the coding technology training another one blockchain consulting and development I'm also writing a book. I'm a leading author of their hands on small contract development This hyper ledger fabric is focused on hyper ledger Hoverage of fabric development Is geared toward the technical audience and then I have written a lot and I think in the community I have contributed on different topics that hyper ledger sirium and kurda And then I have also an MBA from the rest of maryland and then before that I have done some consulting in this startup area And again, are you guys admin linkedin? If you have any questions after this presentation I would be happy to keep the dialogue open through my linkedin And my linkedin Link is on the meetup page. You can add me So, um, basically, um I try to make these talks as simple as possible because that's how I usually differentiate the technical language from non-technical in our audience So I try to follow that norm that I have in my talk So, um, in a very simple way to organization in the way is to, um Make a bridge between a gap make a bridge between real world assets tangible or something that you can touch on intangible and the one that is come from digital, you know word And again in following a slide I'm going to talk about how this How we can bridge the gap between these two different type of assets And what a role blockchain plays in this In these transitions. So, um, and One of the things is that Every one of us is familiar with tangible and tangible assets For example, when you buy a bike In a traditional fashion The buyer and the buyer and sellers are going to exchange the payment and the asset itself So you're going to see and touch the asset It's going to move from one person to another person's And uh, and also the buyer going to buy the whole asset They're going to buy not to buy a fraction of the bike It's going to buy the whole bike in one single transaction So that's what we know in a traditional sense, right? So on the other hand this advent of technology and is uh with adoption of the distributed digital technologies We're going to see a situation where a person is going to own a fraction of that asset And the asset itself is not going to move So if there's a fine art, if there is a like a sport car This sport car and fine art location is not going to be changed. It's going to stay there. However We we want to experience more mobility With respect to the ownership of that asset That's where distribution legend technology and production country picture or play a role so um Again, that is like a very high-level summarization of the What's what's the role of the tokenization is So again tokenization can turn almost any assets Into a digital token enable digital transfer of ownership and storage without necessary So that's another aspect when i'm talking about Benefit of asset tokenization You're going to notice that If followed If followed the norms of the blockchain, which means that Removing the third party or intermediate Well, um So once the asset organization become popular, then um, we Just need to know that what are type of tokenization are available And what are the properties or differences between different tokenizations? So one of the one of them is security token offering stio And um, and it's also difference compared to the venture capitals and the initial coin offering and Initial public offering So there are some differences At the end of my slide, I'm going to give you a like a graphic Of differences. I'm compared this three. I think I got it from Ernest young differences between these secure token versus ico and versus venture and like initial public offering Is regardless of different factors like risk, you know mobility things like that. That's very good for you to know it so, um So, um, so as I said, um, basically under tokenization And the way that you can reflect your ownership is to show that you have a digital, you know digital certificate Which reflect the ownership of that asset instead of just taking hold of the physical asset in a traditional way and um So secure tokens have some there are some differences between secure tokens and initiate coin offering and the major one is that um Initially cool offerings mostly used for the utilities. So I'm going to talk about that a little bit here So initial coin offering ico Can be deemed as a cryptocurrency or utility token And their requirement is different Because when you are doing st o the requirement is different Because the secure tokens you need to a different requirement and then um And then uh, also the things is that um s2 is different from the utility token because the nature Of st o is that you buy this type of token in anticipation of increasing their value Or you may buy this to you Because you're buying like equity like so the nature of st o is mostly investment like um, and that investment usually is backed by a company who is issued that st o and um So again, you're buying st o mostly because you want to invest Why the equity investing some things and you're anticipating the value of that token going to increase over the time On the other hand when you're doing s ico and then there's utility token involved um, that token is used as a medium of transaction in the system And his its value is going to stay fixed in the systems. So these are just um need to know about this too and then um Also another aspect of differences is that the requirement for filing this security exchange commissioners are different these two Because they they need more requirement with st o And on the other hand both of them have one things in common when it comes to them Use them for a raising fund is that they have to follow the new customers and add money laundering requirement so that they have both in common Unless you use the token only for utility where there is no financial payment involved So um So as I said one of the aspect of one one area in which security are used Is just the ownership of the company like equity, you know So you buy that and then um that's going to gives you a fraction of ownership of the company's asset or kind of the equity of the company so um So another requirement for security is that they they have they should be the most They can only be traded on a register at the register of trading platform and participate Have to follow that they have to follow their you know that and then We have to follow all the so whoever is the register brokers and dealers and that platform. They have to follow regulations and then um one of the things is that um For example, when there when there is a security tokens and you want to raise the funny the fund and If there is angel invest sorry if there is accredited investors involved There is another for example requirement to make sure that Those investors or those people are participating In the investment have at least one million dollars in the united states So these are for example part of the requirement when you're implementing security tokens and when you are dealing with uh accredited investors so well security legal definitions varies from country to country from jurisdiction to jurisdictions and as a whole they look at it as tradable financial assets However, again, you can't do country whatever definition and then not only definitions You have to see how things has been evolved To what extent your country support has a framework for supporting the security tokens from their filing registration and trading And whether they allow the secondary market trading to and And then what type of the asset your country allows to be traded on security? That's another thing for example In the u.s. Um security include that security such as commercial papers bond Adventures the creative security and the stocks, you know Or maybe derivatives And again, you have to consult your attorney And or an accountant to see Your country What is the legal framework and what type of asset you can? Securitize and then what is the requirement along for that one? So Now that we have some understanding of what is asset tokenization is or what is tokenization is And what are the difference between security token and utility token or an ICO? Um, here are some of the benefit that we want to let me talk about that so In general, there are four major benefit for using tokenizations The first one is greater liquidity means that If you have a commercial real estate or fine art And you're looking for someone who pay a large lump sum of money The chances are you might not be able to sell it. So that asset might have a low liquidity So if the asset if you're dealing with asset, you know, traditional asset as As a very slow liquidity, you can use tokenization to give it more liquidity And then since there is no third party since this since there is no intermediate party involved transaction fees are lower And faster and more transparency because you're using blockchain The records are not mutable are immutable. You can no one can change those Transaction record and it's transparent everyone in the in the blockchain have the at the same record of the ledger and more accessibility because traditionally speaking The best of restriction with regard to who can buy the asset you need to be accredit accredited You need to have a certain amount of asset before you can enter transactions On the other hand using tokenization, you can allow Fraction ownerships people who just invest small amount to take a fraction of asset ownership So let me talk about this benefit more in detail So again, if there's something like a fine art and you just uh, it's has a very low liquidity You can use asset tokenization to give it more liquidity and make it more tradable your secondary workers market and then um Obviously because you're using small contract everything's are automated transaction or faster cheaper and reduced, you know remove the intermediate and then More transparency because again, it's immutable right of ownership And again, if you're familiar with how blockchain works, some of these might be obvious to you So I just skip the one that are obvious. So more accessible um It means that the open investment in asset to a much wider audience you to reduce investment amount and periods so One thing is that when you are Putting together your asset tokenization plan is good to also put together kind of the agreement with the people who are Buying this asset and you also be incorporated into your small contract So that when you buy that they are also it's called digital contract So that they can you know agreed on that terms when they are executing that kind of the transaction in the system and Now some of the example of the asset that you can use can tangible asset intangible asset Like hard goods, you know fine art It can be financial assets can be consumable like form of the product like a medical devices, you know It can be trademark. It can be licenses will use a patent. For example, if you are if you are writing a book And there was a couple of example that you you are writing a book But then you want to share the ownership of that book Is your potential readers so they can buy the tokens from you in a way to invest in your book Copyright if you have patent that you want to share their asset with the fund for that patent things like that and again For collectibles and devices can be automobiles can be especially a sport card fine art medical devices and Again for real estate. So my things is that This the link to this slide is available You can go back to this to realize what kind of the asset you have or what kind of the asset Has more potential for tokenizations And I'm just quick to review this and then I give the rest for you just to research it on your own so One of the things is that So what are the challenges? So Just to recap what we discussed so far. We discussed about What is asset organization? What are the difference between the ico and stio, you know security token versus utility token? And what are major benefit of using asset tokenization? Now the question is if everything said so far is so attractive. So what are the challenges? Why is not being so wide spread but has not been adopted so widely in industry? So then the challenges are Is that security laws varies from one country to another of jurisdiction to another? and some of these security laws are evolving hasn't been you know, hasn't been adopted yet in some countries some countries are still trying to figure out the way to develop a framework around that And other two challenges are where to register and issue your security token Is there any for example platform where you can issue or register your security token in that country your country? Or what secondary market you can trade them? So these are some of the challenges that you're you're you're going to experience so um And so despite of the challenges Once you're ready to launch your asset token Once you launch your asset tokenization product And there is a like infrastructure and there is a like what's called the value chain involved for from a to z of this issuing so basically You first need to identify What your target asset what asset you want to tokenize? So you need to figure out what asset you want to tokenize and then how you want to distribute that asset How people are going to buy that and trade that buy that asset? And whether those people who buy the asset are going to be able to trade and how you want to trade that? And then if there is any payment involved for receiving and buying the trade from native currencies, which is like fiat currency or if you allow Participant in your platform to trade the like a digital wallet or you know, you are c20 wallet If you want to allow people inside your blockchain system to use cryptocurrency or other kind of the token As a means for their trading with assets whether you allow such things and then And then is any payment been cleared from between? native currency and you know the digital currencies And if there are any kind of the settlement involved, you know For that clearing the transactions And then it to keep the record of anything happens in your system just in case that For legal requirement, they want to do the audit on your transactions to make sure they are not doing anything suspicious and then Is there you know whether Whatever you're offering here is a part of the other financial services offered by your company For example, if you are a bank, how you want to integrate this asset organization is what already have in your bank system For example, HSBC, I think they are tokenizing their debt that tokenizing their debt And then they're also integrating that is their tradition and normal, you know financial services that they offer so The key here is that I'm going to talk about in the tournament slides that The steps discuss your varies because there's a three steps issuing trading and buying setting and additional, you know So depending on what type of asset you're tokenizing Whether it's a security token, a utility token, on what kind of things involve The steps discussed here might may vary But just use this as like, you know, as like a template something that you need to keep in mind Well So one of the things I'm going to talk in the following slide is that If your bank, if your financial institute Is interested to explore the asset tokenization or token economy What are the things they need to watch for? What are the things they need to Consider or take into consideration So, um, in general, there are five things that they need to look for and you have to follow One is that business model Another is a platform. What platform do you want to do the public? For example, blockchain network like syrian ERC 20 or they want to use it the private like hyper ledger And what are the cyber security precaution they need to take to considerations What are the things regarding the compliance and what are the things about jurisdiction and legal framework so, um So I briefly talked upon These five kind of the steps for implementing the token economy in a financial institute And again, you can use this as a template and then use that As a way to build your own kind of the plan And then I also talk about In the compliance section I am going to talk about new york customers and anti-money laundering implementation Because that's where the compliance part comes and then There also i'm going to talk about the smart con smart contract standard for asset tokenizations so, um So the first item, you know list is business model and So it talks about Deciding how to structure your token What token to issues? First of all decide what is the asset you want to tokenize how to structure your token Is token value going to stay stable is value going to go up Who is going to who who's going to have the initial tokens? How many tokens you want to issue at the beginning all these? Factors need to be taking the considerations and put together In your kind of the business model and your plan and So how do you want to accept those how someone can take position? How someone can buy that token through the native currencies through other cryptocurrencies? and How the persons can trade that in your system? So all of these factors need to need to be carefully put together So and then Is there any kind of the do we need to beverage as a custodian bank or paying agent to create the life cycle event transactions? so again other factors you have to figure out How you want to do the life cycle of the token? From the issuing the token and then if you want to duplicate the token at the end What is the life cycle involved what part is involved? and if your company need to Back that tokens that they're issuing things like that So this is a business model. So business model you talk about what you want to issue and how you issue it and other factors that involve In the business part of it So platform integration is more talk about technical part of it operational part of it like um Depending on what business model you choose meaning that okay What type of the asset you want to tokenize? Whether it's utility. There's a security, you know For example utility tokens, you can do it this hyper ledger fabric can the private network on the on the other hand For a secure tokens public blockchain network Serial would be more favorable allows public access that So depending on again what business model you choose in previous slide you can decide What is what are the parameters for your operating model would be? um so one of the major component is a blockchain platform doing it today for example What are the regulations involved for that? it is a public or private network and What's the product strategy? You may be surprised. I've spoken to some clients That they have a very brilliant idea about asset organization like security token. They have Very good developers for siri and we are situating. They have very good lawyers They have very good business models On the other hand they fail So badly because they don't know how to market how we can find the right You know brokers in the market to market their token and sell the token to potential customers so it has to be a holistic business plan from a to z from Developing a business model issuing that And then market that to potential brokers and buyers and sell that and that that kind of they pick up, you know By the way the network so you have to have everything in the right place It's not just it's not just a technical thing some people things that asset organization only requires One lawyers and one developer That's not the case. You have to have a very good marketing plan To get it to the right audience And then obviously the cyber security player in a very important role so especially if you're dealing with security tokens because security token Is the one that you are collecting the money like you are selling the token for people So that they're going to invest or investing and you're dealing with a lot of money of the people And in a public production made for permission less So it's open to it's open to more attacks and risk And so it's better to have a very good understanding of cyber security And to make sure that infrastructure, whatever you're implementing on the cloud Is kind of has done a decent job on the on cyber security preventions so And then this is another area that I need to emphasize because I've spoken to some folks that they are junior developers they The company hired them to build asset organizations And what they do basically says, okay, I need to the asset organization All I need to find is serial ERC 20 code on a github I'm going to just copy that github code a little bit twisted and just do the test launch it But in reality that's not going to work because unfortunately many of Many of the juniors developers They forget that there's something called a small contract security audits That you have to run especially before you launch your small contract into their productions And the cloud so this is a very good article. We put in our website And about the checklist of all the security small contact security audits that you need to run And we also our company was also specializing kind of the audits So in case that you need our assistant, we'll be happy to help you guys But my point is that Just make sure that before your small contact goes to the cloud and the production stage Run the small contact security audits And especially if you're doing on a public blockchain network Well, when it comes to compliance Two major things is anti-money laundering and know your customers And anti-money laundering basically You need to check make sure that your customers are not listed in a part of the terrorist organizations They don't have any record of past that have not been blacklisted, you know So Thomas Reuters Reuters has a very good database Of the list of banned people organizations that we can create a can use api To cross-reference your customers with that list Regarding know your customers There are a couple of third-party api that you can use to cross-reference to your customers And I'm a little bit talk about how you can implement the know your customers in an outcome in the fewest in the next slides so So the question is so we know about In most most asset organization project you need to implement know your customers and anti-money laundering So how you can build and integrate these things into your applications? So for sake of conversation i'm going to simplify this imagine that you have one one blockchain Network that does your main job like asset organization that you security token You need to create another standalone application That handles your kyc and aml So at a very high level what you need to do you need to create a standalone application for your your customers anti-money anti-money laundering Then all the customer information are stored in a central database And then you use a blockchain to store hashes on a decentralized network so um So what happens is customer information are stored in a central database Then you you run a series of api calls to check and verify if they are Passing the know your customers anti-money laundry checklist check Once the customer is past the checklist You're going to create their hashes and store that digital hash in a digital wallet or you're going to decentralize network then That hash is going to be used In your asset tokenization system So there are two different systems. So one you main one that you are using and the other one is for you and your customers So then um, there's going to be an api between your main blockchain application And new your customers anti-money laundry one So there are any hashes that participate in your main blockchain application need to be clean need to be um need to be verified in order to participate and legal and the authorities, you know They should be able to Access these applications at any time So for example, if there's a suspicious activity with regard to a hashtag in your system, right? Then authorities can easily search this database to find out Who what are the kind of the information cutting information of this hashtag is and why he's doing this kind of the suspicious activities So these are two different applications. Now If I want to get a little more operational a little more technical than that I'm going to tell you is that you develop an identity protocol. So why is it important? Because when I'm talking about identity protocol, it varies from country to country It varies from business to business So for example, we had the case before that the bank was even recording the video of the customers Who are signing up to their platform and using AI and machine learning to identify their face with their ID? So That's called identity protocol to realize like what are the identity information you need to click based on your requirement or based on the you know requirement and then Use the small contract to process those through the api card is a is a third party Identity management and then once it's identified you can create the address or hashtag for them so So as a result wallet holders of users going to give that information ID card in your residential call Whatever information you want to collect from them. They're going to upload that And then whether you can do it manually by a compliance officer is going to verify them Or you can use a third party api to verify that information And once once that being verified A record is created by a small contract to map each address with your own map each identity with a hashtag or address And it stored that hashtag or address in a decentralized network and then So again now one of the things that then you can use that hashtag information For people to try and start buying a token or do the transaction in your system um so So this uh, so one of the things is that in order to give the incentives because our identity of the people usually changes Sometimes changes uh every now and then For example, if someone is actually the investors you may need to You may need to make sure every six months his update is you know status, right? So in order to give incentive to the people to keep their identity information and you know the contact information up to date You can also create a reward system in your in your Syrian wallet so that they uh, whoever keep this record updated with the standing They're going to receive the reward of token as incentives and cx and dex are two third parties for um for verifying the identity of the people To make sure that they're like they're not doing anti money laundry or no newer customers They're a very good third party for identity identifications and then um Again to summarize here as I mentioned in previous study you need to have a centralized systems Then a sirium or in a blockchain a small contract you can bet that You know that into a hashtag or address whoever has been verified Then after that you're going to use that token So use that the hash address in your normal asset tokenization project now With regard to identity management So there are some kind of the distributed technologies or you know tools available in blockchain if you are Looking for private one, uh, if you are like Coming from hyper ledger community You can use a hyper ledger fabric for creating identity management platform And converging to the ad converting to the converting identities to their hashtags or addresses you can use hyper ledger fabric on the other hand if you're looking for more specific, um Distributed technology under the hyper ledger ecosystem or family You can look into the hyper ledger indie hyper ledger areas and hyper ledger aroha All of them are very good for identity management and if you want to do the Public one, you know, that's first for private it's going to the public one seeding is good and erc20 while it's also very good You can try them too now The things I just want to also mention here is that um uh so um The things I want to mention here is that uh, there are something called security token is standard for for a smart contract again, um When I talk to people and they say that look, I just want to I just want to raise money by security token And I ask them what is the erc are selecting? It's erc20 but again, my point is that If you're really, uh, if if if worse doing some research and exploring different kind of the erc based on the performance relevance to your assets For example, erc721 is for non-fungible tokens, you know, it's more relevant for non-fungible tokens. So Just because someone is doing erc20 doesn't mean that you have to do erc20. It's just as more popular There's more support and there is more kind of the libraries available but You know, you can buy it by all means you can explode other one of the other standards And then I know is src is for the serum the swamp decentralized database That used for off the chain database management, but that's also a very good one if you're using syrian and now the last part of the things is the last part of the financial institution for adopting a token economy is jurisdictions which again, uh, Lee is just slated on a regulated framework from varies from one jurisdiction to another and So you have to follow the rules and this rule sometimes changes So, uh, for example, when you if you are raising fund international, you have to follow different geographical areas legal legal, you know requirement So again, you need to discuss reason I tell me that Is is aware of the requirement in that specific region or the country Well, uh, with regard to industry adoptions as just to be seen move 20 billion dollar asset to the blockchain again They try to tokenize their debt Jeffy Morgan launched. Uh, it's called cryptocurrency back or you know stablecoin and Singapore exchange also back to syria and the security token platform and again, um My information is just for 2020 and I'm guessing I'm guessing that things happening more rapid more fast right now So if you check research online, there might be more more thing happening right now um These are lists of type ipos and su and icos that's happening in 2020 and And as I said, uh, with regard to industry adoptions are different factors. So When you're comparing the ipo versus su i i c o there are different factors That you can credibility dividends, you know underlying, you know risk cost issuers platform, you know, so um I got this from areas and young so they did a very good research and I'm comparing these three different fundraising platform With regard to different factors. So it's very good. You can go back to this slide to you know to see the differences between these three and Now, um, one of the things is that One of the things is that, um So if you want to learn more about security law specific to united states, you can read the article here and um brian vu A couple of A couple of people know in the advisory board They also have written a book. I think it's up to the best of my knowledge It's the only book right now available in the market. I'm security tokens So I would be happy to share the link in the meet up because all those are interested to read more about legal framework united states around security tokens Security token is standard and implementation. It's a very great book for those interested to explore this area in depth So these are very good articles for you know the platform for kind of the law some You know kind of law around the blockchain security token And if you want to learn more about initially called versus security token offering you can read some of this article You know website and that's the book. I told you guys about the security tokens and stable coins quick start guy By brian vu and two other colleagues of ours. You can read that from his very good book on the topic and So I'm ready to take your question now. So um Thanks a lot matt So we have one question Asking why issue stos on public blockchains and they generally have a single issuer So just the company it's better because of easier access to secondary markets. Or are there other reasons? So, um, let me see one thing is that so you're you're asking me You're asking me why security twice security token is better. Sorry. I didn't get to catch the question Let me see if I can read the question. Is it on the is it on the let me see the chat here Just a second chat here Okay, I see and I see the questions So they um, why issue is still on the public blockchain when they can generally have a single issuers company is it better because easier access to secondary market or other um So, um, why are you issued? Okay, um, why you issue is still on the public blockchain because the reason is um You want the people public to invest in your company is fundraising, right? So you want a public to raise fund for your company On the other hand a pro pro and a private blockchain network only the people were invited To the to the network would be able to participate So that is not possible when you're raising your fund From crowd your crowdfunding. Does that make sense crowdfunding? So you got this to your public blockchain as a way to raise fund as a form of crowdfunding So someone asked yeah, but you could you could take sorry? This is a question asker. Um, you could take your private chain that you know You're still controlling the issuance on and open it up to the public as much as you you want Without it having to commit hashes to a public blockchain So I just wondering if there were other reasons to to to do that Yeah, listen my things is that um, so the things is that so when you are Launching your security token on a private blockchain network, right? Only people who are a member of that blockchain would be able to access or do anything in that blockchain network, right? So is private to only members, right? So on the other hand when you do the public blockchain network, everyone can join the node can can participate. Does that make sense? Yeah, no, that makes sense But I'm just saying even with a private network you can actually open it up fairly broadly and publicly Basically just limiting it to the same KYC ammo. You're gonna have to do anyway for STOs Yeah, yeah, I mean, of course So if you have private one you can also as you said you can open it because The difference between private and public one is just that restriction, right? So if you relax some of the restrictions then you can open it to the more Public one at the same time you take a hold of some part of that You don't want to share with the public it's become like a hybrid, you know And that's possible and then when it's come to the neural cost and anti-money laundering as I suggested it should be a separate application Separate from the main one that you're dealing with the private one Of course, thank you Okay, another question was um, let me see quickly here is just one second equation was that Can you discuss the advantage of securitizing real estate where we're talking this structure like So, um I'm not honestly. I'm not that familiar with the structure and card R E I T all I know is that I know that for example commercial real estate. It's very slow And I know that for example in DC so many commercial real estate Or like half empty the building. So it's very slow So and then it's very expensive for people to buy those kind of the It's very difficult to find a buyer that want to give you a lump sum payment for all the you know The building so you can tokenize that I'm not sure again. I'm not sure about R E I T All I can tell you is that When you're when you are using Secure token for your real estate you can raise fund on the other hand. I think the answer to question which comes down to the regular uh legal requirement because if if R E I T has less legal barriers requirement Obviously might be better choice than using security tokens um, so again, I'm not familiar on R R R E I T and then um Who was the second questions? Can you go back and show the last two resources like I think it's a chance to grab the info So guys, I think um I would suggest you guys to go to a meetup page and then there's a link to this slide Just download that and then all the resources are there just for you on your end if you want to have this Copy of this presentation. Just go to a meetup click on the link there. You can have it there So, um, someone asked trust I would be reluctant to buy security in the company and allow them to own and maintain the ledger What was that? It wasn't a question. It was just a comment on the other discussion about a public blockchain versus a private one Yeah, so basically, um So what what what you are saying is that for stopping from raising the my ownership today Okay, that's good questions. You see that's one of the reason I mentioned that When you do the security talk and you have to comply these security exchange commissioners, right? And they want to make sure that you are not going to disappear over the night, right? And they just want to make sure you follow the rules and regulations And you have to put something like guarantee that, you know And you want to maintain the application, right? So I think that gives some form of assurance Who people are participating the platform Um compared to the using for example something that is not Is not being backed, you know, I mean So guys, uh, let me see if I so Chris, do you see any more questions on the youtube? I'm sorry on the on the twitter Uh, Sure, absolutely. Yeah for for tokenization of something like uh, like real estate versus a title What's the difference between that like if I wanted to move We've heard about use cases for blockchain to like move like titles To a blockchain and then is that the same concept or is it different? Okay, that's a good question. So you see in brazil they did a use case on blockchain In brazil the problem that they had was that so many people claim that they have they own the land But they didn't they didn't own the land, right? So there was so much Corruptions and there so the issue is title like a land title Is comes back to the identity management, you know using blockchain to make sure that They cannot change the record. So, um, for example, when you're talking about the land and you know ownership of the land title That's different from From from the So I mean that both are different. So two different things. So when you are dealing with title You want to make sure that the person who owns that record is immutable And at any time become very far who's the owner of that title is On the other hand, you know talking about real estate ownership There might be a case that the owner might be one thousand different people Each of which has a portion of portion of that ownership And not only that but but those people who owns the portion of real estate would be able to trade That you know is another person's So coming back to your question, there are two different things. One is that doesn't require any legal requirement It's just a title is very simple to implement. It's just application of blockchain the another one is to The setting that asset ownership to a number of people which you need to follow the legal requirement So any more questions? Okay, that's someone said that I can say that's this one. Okay, um So chris, do you see any question questions on the twitter? Not that i've seen Let me take another quick look Nothing on youtube. No, nothing here I can ask the question Yeah, so you mentioned uh in a previous slide about us about a sex or dex us verifying identity And and you know the dex's i've used are completely just just using a You know your address in the blockchain. So how would a dex and even you know folks like ftx? Because they're offshore. They don't really do any any kyc uh aml So how would they verify the identity and communicate that to Right in the scenario So um, so coming back I mean dex and then the other one both of them are like example that you can use, you know because one of the things is that um They may have a very good database of some kind of the for example global global tourists So, you know some users that are operating in a global stage, you know changing their names, right? And this comes to running these new your customers Most likely for anti money laundering united states we use thomas reuters database So for that anti money laundering for new your customers You get the information and um, you verify that for example in united states, um, there are some third party companies Then they can verify social security, you know So you just connect the api to them give the social security and the first name last name and the best date of the persons They're gonna say, okay. We know this person is legitimate disinformation, you know Matches with what the government has on the record, right? So my point is that those are two examples And when it's come to the country or locations that you're implementing these new customers You may look into the some of this third party provided that are connected with your government databases Okay, thank you So, um, let me see. Um, I think um if any more questions information details find a limited Some implementations Exchange and workers Matt maybe one thing we can do is um, if you send me this deck, I can uh I can attach it or something to The media up invite and then people can get access to it Yeah, see what happened is I think if you look at the messages comment. I think eager already Oh even better even better perfect and Yes, so um one things is that There is no more questions. Of course. I think we're almost done with this Oh One question. Can you explain what kind of uh, uh, and this is not a plug for you I'm you know, I'm just asking honest questions from anybody listening I want to know what kind of services you offer and your your company awkward in this place Yes, so, um I have my company offers You offer blockchain consulting development and training um So for blockchain consulting and development Depending on the client we usually do the research advisory and architects For the whatever they want to build And then after that depending on the client We did the proof of concept or minimum viable product where we go into production So that's we do and then the finance industry are we are doing some project for bank right now And then I'm a board of advisors. We have people from JP Morgan and Then the things is that regarding blockchain training. We offer self-paced and live courses in all blockchain platform like hyper ledger sirium and Yeah, so we offer this kind of development and then I myself I am the president of the DC web makers and at the same time And again people are working on my book They also are participating in a project too And then we also have We have people from I For example, we have people who used to work at IBM. Most of my senior teams are have 15 20 years of experience in the city Thank you Guys, uh, again, it's very nice. Chris. I think it's we're almost Again, if anyone Find questions any questions coming or you need to want to contact me or ask me I think guys can add me link to any, you know, and You just message me linkedin It's very easy to find there's a link to my linkedin in the in the meetup. You can message me there And you can contact me Again, one of the things is that If you want to be asked to tokenizations fix make sure that you follow the legal requirement do your research And make sure that you know what you're doing and don't forget the security audit and it's not contract Don't forget that if you especially if you're doing something public Yeah, thanks a lot map for presenting and uh, you know, thanks to everyone who attended and and asked some great questions. So uh, we're looking forward to seeing how the tokenization space takes off over the next few months and uh You know, if anyone has anything they want to present on at a future meetup, please feel free to reach out to me Um and look forward to your attendance next month Sure Thanks, Chris for having me and then thanks eager for organizing things and tax David for for hosting this event And thanks everyone. Have a wonderful afternoon. Take care. Thank you so much Take it